Thursday 30 July 2020
International startup accelerator Startupbootcamp has chosen the Dubai International Financial Center (DIFC) to open its regional, cementing a three-year partnership between the two organizations.
With the support of DIFC and others, Startupbootcamp launched FinTech Dubai in 2018, an initiative that has since graduated 20 fintech startups in the fields of payments, lending, and Islamic digital banking.
The three-month growth program provides mentorship as well as access to resources, technology, and expertise to build proofs-of-concept to validate their business models.
Three programs now take place within DIFC, supporting startups at various stages of growth. These include the original DIFC fintech accelerator program, Fintech Hive scale up, and the Startupbootcamp scheme. The first half of 2020 saw DIFC Fintech Hive triple in size with the opening of a larger space in Gate Avenue supporting startups, scaleups and entrepreneurs.
The DIFC’s ecosystem of infrastructure, expertise in multiple fields, and access to the international community of the world’s leading financial institutions offers opportunities for new and existing startup fintech firms both in the region and globally to elevate and grow their businesses.
The fintech sector has is growing rapidly in the region, with over 200 fintech companies based out of the DIFC alone.
According to the 2019 MENA Fintech Venture report, a total of USD 237 million has been invested in 181 deals since 2015 in MENA-based fintech startups, with 51 of those deals signed in 2019 alone.